Biz2Credit Identifies 2014's Best Small Business Cities for Women in America

Analysis Examined Markets with the Highest Annual Revenue, Credit Scores and Other Factors

Biz2Credit, the leading online credit marketplace, today released the results of a study of bank failures sorted by state and their impact on small business borrowers.

"The failure of so many small banks in Georgia and in Florida created a credit desert," said Rohit Arora, CEO of Biz2Credit, who oversaw the research. "The housing market bust hit particularly hard in the Southeast, which resulted in bank failures and risk averse lending behaviors by those banks that survived. Thus, small business owners were stymied in their attempts to secure capital -- even when their companies had solid credit scores."

A result of the bank reluctance to fund small business ventures was the rise of alternative lenders -- merchant cash advance, factors and other non-bank entities -- in the marketplace. While these lending institutions made financing available, often the money came at a high interest rate.

"Small business owners were caught between a rock and a hard place. If they needed money, many times the only willing lenders were cash advance companies that charged interest rates of 30 to 40 percent," Arora added. "Borrowing money at those rates and terms simply is not a sustainable funding option in the long term."

"Centers of technological innovation are booming. Cities like Jacksonville are taking advantage of their slower pace, lower costs and good standard of living offered to residents," explained Arora.

When sorted by Age of Business (in months), Portland was the leader.

Top 25 Metro areas with the highest applications in 2013

Average Annual Revenue

Average Credit Score

Average of Age in Months

Average BizAnalyzer Score

Portland-Vancouver-Hillsboro, OR-WA

$167,391

643

15.7

50.0

Houston-The Woodlands-Sugar Land, TX

$223,964

589

22.7

47.1

Milwaukee-Waukesha-West Allis, WI

$109,071

600

23.4

46.1

Seattle-Tacoma-Bellevue, WA

$110,843

615

28.2

48.9

Charleston-North Charleston, SC

$97,714

589

30.2

46.0

Orlando-Kissimmee-Sanford, FL

$198,006

594

31.3

45.7

Jacksonville, FL

$1,395,927

576

32.6

45.2

Las Vegas-Henderson-Paradise, NV

$427,297

628

33.3

52.5

Dallas-Fort Worth-Arlington, TX

$400,474

600

34.7

45.4

New York-Newark-Jersey City, NY-NJ-PA

$199,881

626

35.0

50.1

Riverside-San Bernardino-Ontario, CA

$165,071

607

37.9

53.9

Pittsburgh, PA

$547,125

620

38.0

47.6

Chicago-Naperville-Elgin, IL-IN-WI

$1,076,557

621

40.4

49.5

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

$102,313

612

40.4

48.2

Miami-Fort Lauderdale-West Palm Beach, FL

$273,920

605

41.6

49.7

Los Angeles-Long Beach-Anaheim, CA

$464,623

632

43.3

52.6

Tampa-St. Petersburg-Clearwater, FL

$192,448

609

45.8

48.3

Charlotte-Concord-Gastonia, NC-SC

$1,146,263

591

46.6

52.3

Atlanta-Sandy Springs-Roswell, GA

$504,944

601

46.7

49.9

Indianapolis-Carmel-Anderson, IN

$68,000

615

53.3

49.7

Baltimore-Columbia-Towson, MD

$188,713

596

55.5

51.1

Phoenix-Mesa-Scottsdale, AZ

$166,963

611

55.7

47.8

San Francisco-Oakland-Hayward, CA

$395,720

633

60.8

50.1

Denver-Aurora-Lakewood, CO

$1,011,458

638

62.0

54.6

Washington-Arlington-Alexandria, DC-VA-MD-WV

$359,484

609

63.8

51.2

National Average

$282,991

611

37.6

48.7

"Portland is a low-cost, friendly place to live. There is also a thriving organic food revolution going on there, which has resulted in many women that have opened new businesses in the food industry," Arora explained. "Midwestern cities like Milwaukee are growing in the high-tech and medical technology industries. High end IT startup companies are beginning to emerge in this area. Further, traditional manufacturing hubs are evolving and supporting IT companies, and many of them are women-owned."

When sorted by Credit Score, Portland was the leader. Rounding out the Top 25 were Denver, San Francisco-Oakland, Los Angeles-Long Beach-Anaheim, Las Vegas, New York metro, Chicago, Pittsburgh, Indianapolis, and Seattle.

Top 25 Metro areas with the highest applications in 2013

Average Annual Revenue

Average Credit Score

Average of Age in Months

Average BizAnalyzer Score

Portland-Vancouver-Hillsboro, OR-WA

$167,391

643

15.7

50.0

Denver-Aurora-Lakewood, CO

$1,011,458

638

62.0

54.6

San Francisco-Oakland-Hayward, CA

$395,720

633

60.8

50.1

Los Angeles-Long Beach-Anaheim, CA

$464,623

632

43.3

52.6

Las Vegas-Henderson-Paradise, NV

$427,297

628

33.3

52.5

New York-Newark-Jersey City, NY-NJ-PA

$199,881

626

35.0

50.1

Chicago-Naperville-Elgin, IL-IN-WI

$1,076,557

621

40.4

49.5

Pittsburgh, PA

$547,125

620

38.0

47.6

Indianapolis-Carmel-Anderson, IN

$68,000

615

53.3

49.7

Seattle-Tacoma-Bellevue, WA

$110,843

615

28.2

48.9

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

$102,313

612

40.4

48.2

Phoenix-Mesa-Scottsdale, AZ

$166,963

611

55.7

47.8

Washington-Arlington-Alexandria, DC-VA-MD-WV

$359,484

609

63.8

51.2

Tampa-St. Petersburg-Clearwater, FL

$192,448

609

45.8

48.3

Riverside-San Bernardino-Ontario, CA

$165,071

607

37.9

53.9

Miami-Fort Lauderdale-West Palm Beach, FL

$273,920

605

41.6

49.7

Atlanta-Sandy Springs-Roswell, GA

$504,944

601

46.7

49.9

Milwaukee-Waukesha-West Allis, WI

$109,071

600

23.4

46.1

Dallas-Fort Worth-Arlington, TX

$400,474

600

34.7

45.4

Baltimore-Columbia-Towson, MD

$188,713

596

55.5

51.1

Orlando-Kissimmee-Sanford, FL

$198,006

594

31.3

45.7

Charlotte-Concord-Gastonia, NC-SC

$1,146,263

591

46.6

52.3

Charleston-North Charleston, SC

$97,714

589

30.2

46.0

Houston-The Woodlands-Sugar Land, TX

$223,964

589

22.7

47.1

Jacksonville, FL

$1,395,927

576

32.6

45.2

National Average

$282,991

611

37.6

48.7

"Indianapolis is growing because it has become a transportation hub, and certified women-owned businesses are taking advantage of opportunities there," Arora said. "In Pittsburgh, companies are benefitting in the transformation from a steel and manufacturing industry to a medical and financial services hub. There are more than twice as many women working in the health care service industry than men in Pittsburgh, a city that is on the rise."

About the Biz2Credit Best Small Business Cities in America Study

Biz2Credit analyzed 12,000 businesses with less than 250 employees and less than $10 million in annual revenues from across the country that have been in operation for more than 1 year.

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